Extension for NFL Labor Talks

September 30, 2013 Updated Mar 3, 2011 at 7:21 PM EDT

By WKBW News

September 30, 2013 Updated Mar 3, 2011 at 7:21 PM EDT

Buffalo (WKBW) The deadline for the NFL and NFL Players Association to work out a new collective bargaining agreement has been pushed back 24 hours, according to the NFL Network. The original deadline was 11:59pm on Thursday March 3rd.

There are still many questions regarding the negotiations. Also, the same consequences face the NFL if no agreement can be reached. Both the NFL and the NFLPA have been meeting in Washington all this week.

As of midnight Friday night, courtesy of the extension, the current NFL labor contract will expire. If that happens, it is likely the team owners would move to lock out the players. That means no spring practice, no free agency deals, and potentially, no 2011 season.

The standoff centers around two key issues: money and schedule.

Regarding money, the NFL's annual revenue is about $9 billion dollars. The owners set aside $1 billion for expenses, and then the players receive about 60 percent of the rest. But team owners say that's unsustainable given the economic downturn.

The second issue is the schedule. The league wants to add two more regular season games, for a total of 18. The players say that increases their risk of injury, and they deserve compensation.

Meetings will continue on Friday, as both sides attempt to reach a new agreement. The new deadline for a new CBA is 11:59pm Friday.